Matt Egan
@MattEganCNN
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Business reporter @CNN . Dad to Hudson + Sebastian. Send news tips to Matt.Egan @CNN .com. Ask for Signal @MattEgan5 on Instagram and Threads
New Jersey, USA
Joined January 2013
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In new analysis obtained by
@CNN
, Moody's Analytics finds the Manchin & Schumer-backed Inflation Reduction Act will "nudge the economy and inflation in the right direction, while meaningfully addressing climate change and reducing the government’s budget deficits."
656
5K
15K
NEW: Kevin Hassett, the former Trump economic adviser, supports President Biden's $1.9 trillion rescue plan & fears the recovery is at risk.
"You could end up in a negative spiral for the economy," Hassett tells
@CNNBusiness
65
603
2K
New
@CNN
poll shows that President Trump is no longer winning on his signature issue: the economy.
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279
1K
Americans for Prosperity, the powerful political arm of the network founded by GOP megadonor Charles Koch, is signaling it could cut funding to some lawmakers based on their actions prior to the Jan. 6 insurrection at the US Capitol:
130
211
957
NEW: Bank of America abandons prior call for a US recession, joining the growing soft landing camp.
21
322
821
.
@MoodysAnalytics
says the legislation will have a “material beneficial economic impact" and the corporate tax hikes "should not have an appreciable impact on the economy," especially b/c the effective corp. rate has steadily declined for decades
25
216
712
NEW: The value of Donald Trump's stake in Truth Social owner Trump Media plunged by $1 billion today as its share price got hit by a bit of a reality check.
Trump Media disclosed losing $58M in '23 on revenue of $4.1M. Breaking this down w/
@Acosta
$DJT
50
159
558
"The danger here is that we do too little, not too much,"
@AndrewYang
tells
@CNNBusiness
.
Yang argues the pandemic is turbocharging the rise of robots, making universal basic income even more urgent:
#UBI
#jobs
9
133
493
First on CNN: White House cheers the end of the supply chain nightmare.
In a pair of new reports, Biden officials highlight easing bottlenecks & cooling goods inflation.
7
120
458
The economy is collapsing like never before and yet US
#stocks
are on pace for their best month since Oct. 1974. S&P 500 is up 14% heading into the final day of April
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133
445
NEW: Jon Huntsman is for the first time calling for a leadership change at the University of Pennsylvania.
Huntsman tells
@CNN
that Penn is "anchored to the past until the trustees step up and completely cut ties with current leadership."
18
76
447
"Who do they think they are?"
@RoKhanna
slams Saudi Arabia as "third-rate power" in
@CNN
interview
Khanna calls for
@POTUS
to retaliate if OPEC slashes oil production by cutting off Saudi access to aviation parts, Raytheon & Boeing
#OOTT
#SaudiArabia
$BA
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425
A new sheriff is coming to Wall Street -- and, for a change, he's not a friendly face.
"Gensler was the toughest regulator under Obama. That will now be the norm in the Biden administration,"
@BarneyFrank
tells
@CNNBusiness
:
5
95
382
#Texas
is America's leading source of oil, natural gas AND wind power. Yet the Lone Star State is facing a massive energy crisis as it feels the wrath of Mother Nature:
#texaspoweroutage
33
139
372
150+ senior executives from some of the largest American companies including
@GoldmanSachs
, $IBM &
@Google
have lined up behind President Biden's $1.9T
#coronavirus
relief package,
@Phil_Mattingly
reports:
13
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281
Gas hasn't been this cheap since Sept. 2021.
@GasBuddyGuy
says sub-$3 could be here by Christmas Eve
#OOTT
24
86
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Gas prices will fall in 2024 for the second year in a row, allowing Americans to spend $32 billion LESS on fuel, according to
@GasBuddy
projections shared exclusively with
@CNN
.
#OOTT
#inflation
119
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NEW: US Chamber of Commerce sends letter to President Biden warning that attempting to invoke the 14th Amendment would be "as economically calamitous as a default" triggered by failing to lift debt ceiling. Letter signed by
@NeilBradleyDC
388
83
243
The last time gas prices were this cheap for Thanksgiving, almost no one was on the road to take advantage.
At $3.33/gallon today, gas prices are on track to be the lowest for Thanksgiving Day since 2020.
@gasbuddyguy
is predicting $3.25 - or lower
#OOTT
26
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NEW: Federal Reserve is banning officials from buying individual stocks and from trading during periods of "heightened financial market stress."
7
26
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NEW:
@Scaramucci
calls out GOP for opposing President Biden's rescue plan.
"These are the most profligate spenders in the history of the Republican Party. But now that Joe Biden is involved, they decided not to spend," Scaramucci tells
@CNNBusiness
15
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212
The soaring costs of gasoline so alarmed White House chief of staff Ron Klain at one point that he suggested taking the dramatic step of halting US oil exports to drive costs down, one official said. More with
@NatashaBertrand
@jeffzeleny
@kaitlancollins
125
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"Mr. Dimon, you are the star of the overdraft show."
@SenWarren
blasts JPMorgan for collecting $1.5B in overdraft fees in 2020.
$JPM
4
58
202
.
@Chime
has already made $3.5B in stimulus payments, beating big banks to the punch.
"Affluent people may ask: What's the big deal? Well, it means a lot if you're living paycheck to paycheck, trying to make ends meet," says Chime's CEO.
#Stimuluscheck
24
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192
NYSE & Nasdaq halt trading on eight Russian-related companies in the wake of Western sanctions leveled on Moscow:
3
46
188
72% of professionals (workers and business leaders combined) say that by 2030
#ArtificialIntelligence
will replace humans as their organization's top revenue generator, according to
@Citrix
survey shared with
@CNNBusiness
#jobs
#AI
12
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184
US oil prices drop 1.3% to $75.70 a barrel after Biden administration announces SPR release in tandem with releases from other major consuming nations.
11
62
170
Trump's 1st report card from Wall Street is out & the results will leave investors of all political stripes smiling:
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169
Should companies eventually require employees to get
#COVID19
vaccines? Some business leaders are signaling their early support:
53
36
169
US oil output is down 10% since the end of 2019, even as oil prices are up 88%. Why?
59% of oil execs polled by
@DallasFed
say the primary reason public oil firms are restraining growth is investor pressure to maintain capital discipline:
#OOTT
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177
The Dow is just 500 points (less than 2%) away from 26,000. Keep in mind Dow 25K just happened. A week ago.
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I’m very excited to start this new chapter in my career as a reporter covering business at CNN. And of course I'll still be writing for
@CNNBusiness
Congratulations to
@MattEganCNN
and
@Soniamoghe
on being named
@CNN
reporters. Matt will focus on business related stories and Sonia will focus on legal/justice related stories.
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The Bank for International Settlements, the central bank of central banks, suspends Russia.
BIS tells
@CNN
that it will not be an "avenue for sanctions to be circumvented" & the Central Bank of Russia's access to BIS services, meetings + other BIS activities has been suspended.
4
89
157
"So far you've been lucky, but the 2008 crash shows what happens when the luck runs out."
Senator Elizabeth Warren becomes the highest profile lawmaker yet to oppose Fed Chair Powell's renomination. More here:
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151
Biden is pulling his vaccine mandate after losing a court battle. Most major employers are keeping theirs though: by
@chrisidore
10
36
136
SEC charges three former
@Netflix
software engineers & two close associates with insider trading. Says the "long-running scheme" generated $3M+ by trading on confidential subscriber growth metrics.
11
28
136
More than 175 publicly traded companies received $650M+ in PPP loans as of Thursday afternoon, according to a
@CNNBusiness
review of SEC filings: by
@aliciawallace
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#Robinhood
imposed restrictions this morning that prevent users from buying $AMC,
#GameStop
& other
#stocks
sent to the moon by
#Reddit
users.
“We fundamentally believe that everyone should have access to financial markets," Robinhood says in blog:
$GME
6
22
129
First on CNN: During closed-door lunch, Jamie Dimon told moderate House Democrats today that Congress should abolish the debt ceiling, source tells
@CNN
.
"Get rid of it," Dimon told New Democrat Coalition.
7
25
125
Regulators in Massachusetts are escalating their battle with
#Robinhood
by seeking to revoke the booming app's broker-dealer license in the state -- just as it aims to go public an an
#IPO
12
21
120
"Investments in the clean energy economy are disproportionately benefitting communities that have been left behind for too long -- communities where potential exists but opportunity has been scarce,"
@wallyadeyemo
tells
@CNN
as the IRA turns one year old.
6
57
121
The case for a 2023 recession is crumbling for a simple reason: The jobs market is way too strong
“We’re running out of time for a 2023 recession,”
@JustinWolfers
told me. “It would be absurd to use r-word at a time when we’re creating jobs at this rate.”
4
40
115
A record 4.4 million Americans quit their jobs in September. This shows the enormous leverage workers have in today's economy. More with
@AnaCabrera
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26
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#Robinhood
is imposing restrictions on trading of
#GameStop
& AMC after a mob of
#Redditors
sent shares to the moon.
"They don't want to take a hit if the stock goes from $300 to $50 in a minute -- which is possible," says
@JoeSaluzzi
$AMC $GME
26
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"This is not a recession. It's not even in the same universe as a recession," Moody's Analytics chief economist Mark Zandi told me.
@Markzandi
14
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JPMorgan is the latest to abandon its forecast for a 2023 recession
"Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter." - JPM chief US economist Michael Feroli. Via
@kryshur
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John Boehner on calling Ted Cruz 'Lucifer': 'I got criticized by some satantic organization for giving Lucifer a bad name.'
#SALT2016
3
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The unemployment rate hasn't been this low for this long since Richard Nixon was in the White House.
-24 straight months of sub-4% unemployment
-Longest stretch since late 1960s
@joebrusuelas
calls this streak "truly remarkable"
with
@aliciawallace
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43
95
Someone just scored a $114 million payday - without playing the lottery or stepping into a casino.
Jane Norberg, the head of the SEC's whistleblower office, tells
@CNNBusiness
this record-breaking award should serve as a warning to Corporate America.
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37
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Sub-$3 gas is coming soon?
@EIAgov
projects prices at the pump will average $2.88 in 2022.
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Making my debut on
@Acosta
's new
@StreamOnMax
show to discuss why the historic UAW strike could get worse before it gets better. I missed the no-tie memo...
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"I'm concerned about stagflation. That toxic combination of slowing growth and rising prices is a real risk here," says
@DiMartinoBooth
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Citing "extraordinary market conditions,"
#Robinhood
announced Friday it turned off its instant buying power feature for crypto:
#bitcoin
20
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The Chamber, a pro-business group that often supports Republicans, sent President Biden a letter on Friday warning of economic, financial and legal turmoil should the administration invoke the 14th Amendment to address the
#DebtCeiling
. More here:
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The longest economic expansion in American history is officially over. NBER wasted no time declaring this recession:
8
50
74
The Biden administration will begin to ease some energy sanctions on Venezuela, two senior administration officials tell
@NatashaBertrand
.
The officials say the first step will allow Chevron to negotiate its license with state-owned PDVSA. $CVX
12
33
74
Jim Chanos says he blew out his knee at a Snoop Dogg concert. Happened when 'older, whiter, fatter guy than me' tripped over him
#SALT2017
3
24
76
US oil briefly tumbled below $100/barrel this morning. First time back in double-digits since March 1. Down dramatically from the near 14-year peak of $130.50 a barrel earlier this month
12
32
75
Why
@Scaramucci
is moving his annual
@SALTConference
from the
@Bellagio
of Las Vegas to the Javits Center of Manhattan:
4
11
72
“Today, don’t think of yourselves as CEOs,”
@RoKhanna
tells Big Oil execs. “Think of yourselves as human beings.”
17
16
72
"This is when people, customers, employees will remember how we acted,"
@Verizon
CEO
@HansVestberg
tells
@CNNBusiness
:
$VZ
1
22
74
New research from Yale finds that some major companies have broken their promise to get out of Russia or at least drastically scale back their presence there.
"They are functioning as wartime profiteers,”
@JeffSonnenfeld
told me. More with
@sarasidnerCNN
on
@NewsCentralCNN
3
37
74
Senator Sherrod Brown suggests rolling back the Trump tax cuts for corporations is a no-brainer.
"It will increase the 'whine quotient' from corporate leaders, but they always whine and always want tax cuts,"
@SenSherrodBrown
tells
@CNNBusiness
:
2
22
71
A powerful House subcommittee is seeking internal documents and communications from Sam Bankman-Fried and FTX.
"FTX investors and the American people demand answers,"
@CongressmanRaja
writes to
@SBF_FTX
#FTXbankruptcy
21
25
66
Breaking:
#Apple
unveils a new $100 billion share buyback program & 16% dividend hike. $AAPL
23
51
64
"This is really embarrassing,"
@DiMartinoBooth
tells
@CNNBusiness
. "Warren Buffett doesn't need a backstop from the Fed."
9
20
66
.
@KBHome
cuts CEO's bonus by 25% after he went on an anti-gay tirade against comedian Kathy Griffin:
$KBH
16
30
66
Federal Reserve Chairman Jerome Powell told a coalition of House Democrats today that he has a lot of ideas about how to reform the debt ceiling, a person familiar with the matter tells CNN.
3
10
71
New: US Chamber of Commerce says it will "imminently" file a lawsuit against the
@CFPB
over new rule banning excessive credit card late fees.
@NeilBradleyDC
calls the rule "misguided and harmful" + argues the CFPB has "exceeded its authority."
19
35
69
NEWS: CEOs attending today's White House meeting with President Biden and Indian PM Modi include:
-Apple's Tim Cook
-OpenAI's Sam Altman
-Google's Sundar Pichai
-Microsoft's Satya Nadella
-AMD's Lisa Su
WH says meeting will focus on innovation, tech, manufacturing & AI
8
24
66
US oil tumbled 6%, slipping below $100/barrel, as Russia says it will "drastically reduce" assault on Kyiv:
#OOTT
#RussiaUkraineWar
6
20
62
Bank of America finds "unusual" spending gap between older & younger Americans.
Gen Z & Millennial consumers are cutting spending as they deal with high housing costs & return of student debt payments.
Baby Boomers & older are ramping up spending.
18
19
64
.
@JPMorgan
's David Kelly tells
@CNNBusiness
: 'If we do not see a substantial drop in the spread of the virus or its mortality rate within the next few weeks, the US economy will go into recession.'
9
31
59
The imminent authorization of Pfizer's
#COVID19
vaccine in the United States is a momentous occasion for science, the economy and humanity. The milestone is also a major moneymaker for the companies that developed vaccines: $PFE $MRNA
21
25
61
Larry Summers told
@PoppyHarlowCNN
he "wouldn't be amazed" if Fed lifts benchmark rates to 6% to fight inflation.
"I don't think there's any question that we do not yet have inflation on a secure glide path anywhere near" the Fed's 2% target:
@LHSummers
14
14
62
Embattled
#WellsFargo
CEO John Stumpf resigns from Federal Reserve advisory board at the
@SFFed
5
74
56
1st US
#Ebola
case is fanning fears, but it's also driving greed on some corners of Wall St:
http://t.co/azf5yeTpH7
http://t.co/UmcZ5xYrrN
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53
Workers tell
@CNNMoney
they've seen the insane
#WellsFargo
sales culture at their banks, too: $WFC
13
62
54
First on CNN: The White House Council of Economic Advisers has built an apples-to-apples inflation metric that finds inflation in the US is lower than in any other G7 country.
#EconTwitter
7
44
58
Full statement from Jon Huntsman to
@CNN
:
“Let’s make this great institution shine once again. We are anchored to the past until the trustees step up and completely cut ties with current leadership. Full stop. At this point it’s not even debatable. Just a simple IQ test.”
1
5
59
President Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.
#OOTT
16
16
52
Treasury Secretary Yellen pushes back on Senator Manchin's call for work requirement for Child Tax Credit.
"I don't support a work requirement," Yellen tells
@ErinBurnett
, adding that 98% of families that get the credit have members who are working.
@OutFrontCNN
5
19
54
Brent crude is down another 7% & trading below $100/barrel for the first time since March 1. Quite the drop from $139 on 3/7.
US crude is down 8% to $95/barrel. Here's yesterday's story on the oil selloff:
#OOTT
8
35
53
Robinhood is making a play to lure savers fed up with rock-bottom rates from big banks.
"Banks have assumed that customers are not savvy or intelligent enough to realize that the rates are changing,"
@VladTenev
tells
@CNN
. More with
@Acosta
on
@StreamOnMax
$HOOD
9
11
56
Trade war fallout: America's factory sector suffered its worst month since the end of the Great Recession. ISM manufacturing index dropped to 47.8 in Sept. vs. 49.1 in August:
7
68
47
This won't help
#stocks
tomorrow:
@Microsoft
is warning it won't meet sales targets in its personal computing segment because of supply chain problems caused by
#coronavirus
. $MSFT down 2% after-hours:
0
31
52
"Ben Bernanke and Janet Yellen created Donald Trump and Bernie Sanders,"
@Scaramucci
tells
@CNNBusiness
. "The haves have so much. The have-nots don't. And they're pissed."
12
17
53
This 19-year-old TikTok star isn’t just promoting brands. He’s buying stakes in them - via VC firm backed by
@Scaramucci
,
@tyler
&
@cameron
"We start trends. That's what we do. This is just going to be another one of them,"
@JoshRichards
told
@CNNBusiness
5
10
53
Former President Trump is plotting a return to Wall Street.
But Trump's path to the stock market faces a formidable obstacle: President Biden's regulators.
"There is a huge risk the SEC will shut it down," says former SEC official Thomas Gorman.
$DWAC
12
17
52
Stunning scandal:
@WellsFargo
fires 5,300 for creating millions of ghost bank & credit card accounts.
$WFC
12
68
47